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We bank with n@b and have found them generally very good. You may have come up with an incompetant person/branch. Many years ago we used to bank with Wpac and had a dispute with them which we refered to the Banking Ombudsman. It took us over a year to resolve as the ombudsman kept going round in circles. It was a matter of just $4k, but that was a lot of money for us in 1992 so we kept persisting and were eventually paid out. The point I am making is that once you go to the ombudsman, let them know that you are willing to persist and "will not just go away". It is worth remembering that whilst the Banking Ombudsman is an independant body, it is a self regulatory body funded by the banks. Link below from Choice gives a letter template that may be of use.
http://www.choice.com.au/viewArticle.aspx?id=100266&catId=100568&tid=100008&p=6&title=Letters+that+get+results
Good luckBegs the question. What do you do with the cave?
Thought so! There's no escape. They get you one way or another.
Rebates on mortgages is certainly "news" to me. What amountof rebates are we talking about? How much?
Interesting notion! I have never heard of a short sale in property.
In share trading, short selling or "going short" is the practice of selling a share that the seller does not own at the time of the sale. Short selling is done with intent of later purchasing the share at a lower price and completing the sale transection. Short sellers attempt to profit from an expected decline in the price of the share.
I guess it's not feasible with property because prices don't fluctuate so much in the short term like with shares. Perhaps there is a bright spark out there who may figure out a way of profiting in a declining property market!!I would consider getting an independant property valuation before and after renting so that it is clear what portion of the gains should be CGT free
Blay
We will certaily be pursuing the absconded tenent via Debt collectors in the New Year (hopefully they can locate them). All this happened last month so we are still finding our our way through the maze. They had left our property in a real mess – however this does not matter in this case as we have flattenened it to develop a duplex in its place.We have recently had a similar experience with a bad tenant who still ows us about $5000 in Sydney. Our property was managed by an agent and all the paperwork was in place (condition report, tenancy agreement, etc). However, even that does not gurantee that you will get all your money.
In NSW, you can give a "no reason" termination/eviction notice of 60 days. If you don't succeed, you then go to the CTTT who will arbitrate the matter. We have done all that, the CTTT found in our favour, the tenant has vacated and moved on. We have no forwarding address for them. They still owe us the $5k despite the CTTT order. The only way for us to recover the debt is to go through a debt collection agency (provided of course that they can locate the previous tenants who have absconded).
So to cut it short, things don't always work out in the landlord's favour even if you follow the legal process. I know it is not what you wanted to hear, but Trakka's advise about motivating the bad tenant to leave may work out "cheaper" for you in the longer term.Dazzling wrote:Fascinating to see the responses so far. "Where are all the really flash cars – the Benz's and BMWs ??" Good question giddo… What were people's initial expectations ?? Any more people like to share ?? Cheers, Dazzling "No point having a cake if you can't eat it."Dazzling
As you rightly quote in your sign off "No point having a cake if you can't eat it." – Hence, I drive a BMW 330ci convertible and am loving it. My wife drives a Pajero and our teenage kids share a Hyundai ExcelThere has been a lot of discussion on India in this forum previously. See search link below
https://www.propertyinvesting.com/search?keys=indiaIt's NSW
Thanks raddles
I will look into itContact Alistair Perry on this forum. We have recently got some finance thru Perry and Associates for a 6 unit block
Depends on what state you are in. Try this site for NSW
http://www.osr.nsw.gov.au/erevenue/calculators/landtax.phpA good way to work out rental values in an area is to pretend to be a potential renter and see what the lowest you can negotiate for similar properties to yours
What are you people smoking?
I have just purchased a block of 6 by 2 bedroom units to add to my portfolio of 5 houses and two units. It is a great way of balancing the finances. The individual houses are great for capital growth (land value) but have a poor cash flow. The units are great for cash flow but have a lower capital growth (land value).
That's amazing – 42,000 people interested in property investing and no one can recommend a property manager in Liverpool!
I am not sure what your mortgage broker has advised you, but here is a quote from the NSW Lodgement Guide re: eligibility for FHOG and exemptions:
Applicants and their spouse (including a de facto partner) must:
Not have previously received a First Home Owner Grant in any State or Territory of Australia
Not have owned a residential property anywhere in Australia prior to 1 July 2000
Not have owned and occupied a residential property anywhere in Australia after 1 July 2000Sorry to bring the bad news but that’s how it is. Better to be legally right than wrong![specool]
Cheers
PyramidYes, great post hb. Some real gems if insight that can only come from time and experience.
Cheers
Pyramid
